Fund Performance per day (inception date, 20 Oct 06) : -2.1648%

Today

LFO Indicators : Ifo world economic indicator points to moderate cooling in next 6 mths. The climate indicator for western Europe declined to 99.8 from 104.9 but was still clearly above its long-term average. The North America climate indicator eased to 96.2 from 98.0, dropping below its long-term average for the first time in three years. And the climate indicator for Asia rose to 109.3 from 102.8. Survey respondents considered that the euro and pound have been somewhat overvalued this year, with the yen undervalued and the dollar properly valued.

CHF - Switzerland recorded a trade surplus of 1.58 bln sfr in October, down from September's record high of 1.8 bln. And Swiss watch exports rose 15.5 pct year-on-year to 1.504 bln sfr in October, reaching its highest ever monthly level, the Federation of the Swiss watch industry (FH) said. (Probably due to the upcoming Christmas season around the world.) Producer and Price Index fell 0.1%, in line with market expectations.

USD - Seen as neutral as the US market is having an early Thanksgiving.

EUR - Signs of slowing growth is showing in Europe. Italian Industrial Orders came out at -5.2% MoM. The stagnation of the French economy in the third quarter was the result of an unexpected decline in exports and a fully anticipated running down of inventories, economists said. 'A surprise drop in exports...was partly responsible for the disappointing data,' said Stuart Bennett of Calyon. The drop in exports was partyly due to a strong Euro.

OIL - Crude went up to 59 on Alaskan oil supplies interupted

Later

2030h - CAD : Retail Sales / Leading Indicators (USD/CAD looking overvalued, look for a surprise in retail figures)

0650h - JPY : Industry Activity Index/ Trade Balance

1200h - JPY : Supermarket Sales